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August 03, 2011 at 08:00 PM
The Life Insurance and Annuities Committee at the National Association of Insurance Commissioners (NAIC) has endorsed a proposal to add an annuity illustrations section to the NAIC’s Annuity Disclosure Model Regulation.
Members of the committee at the NAIC, Kansas City, Mo., made the decision Wednesday during a conference call meeting.
The NAIC executive committee and the plenary, the body that includes all voting NAIC members, could vote on final approval of model revisions at the NAIC’s upcoming summer meeting, NAIC officials say.
The committee took no action on a proposal to look into creating a mechanism employers could use to roll existing corporate-owned life insurance (COLI) policies into new COLI policies through tax-free Section 1035 exchanges.
